An East Haven resident was sentenced to prison for operating an investment scheme that defrauded investors out of nearly $2.4 million.

John D’Auria was sentenced in Hartford to 63 months of imprisonment, followed by three years of supervised release.

According to court documents and statements, D’Auria conducted an investment business called Fifth Street Capital and was a licensed and registered investment adviser. He lost his license in approximately 2011. From approximately 2010 to 2014, D’Auria falsely represented to investors that he would invest the funds, but instead used the majority of the funds for his personal use through his personal bank accounts and his own trading account, according to the Department of Justice.

Seven investors lost a total of $2,375,943.49. D’Auria was ordered to pay full restitution.

On July 13, D’Auria waived his right to indictment and pleaded guilty to one count of wire fraud.

D’Auria, who was released on a $100,000 bond, was ordered to report to prison on Dec. 7.